Reuters writer Tom Polansek reported yesterday that, “U.S. farmers will produce a record corn crop this year, the government said on Thursday, sending futures prices to a three-year low.”
Keith Good
Keith Good is the Farm Policy News editor for the farmdoc project. He has previously worked for the USDA’s National Agricultural Statistics Service, and compiled the daily FarmPolicy.com News Summary from 2003-2015. He is a graduate of Purdue University (M.S.- Agricultural Economics), and Southern Illinois University School of Law.
USDA Provides Glimpse of 2024 U.S. Planted Acreage, While Fertilizer Prices Mostly Higher
Earlier this week, the U.S. Department of Agriculture released the U.S. focused portion of its upcoming Agricultural Projections to 2033 report. The full report is due to be released in February 2024.
China Shows “Wave of Interest in U.S. Soybean Exports,” as Drought Dents Cattle Herds
Reuters writer Karl Plume reported yesterday that, “China booked its largest single-day U.S. soybean purchases in at least three months on Tuesday, traders said, offering a glimmer of hope for the most valuable U.S. farm export after overseas sales of the 2023 harvest had fallen well behind the normal pace.”
U.S. Wheat Exports Falter to “Unprecedented” Lows, While Chinese Pork Prices Impact Deflation Prospects
Bloomberg writers Michael Hirtzer and Dominic Carey reported yesterday that, “American wheat shipments dropped to a two-decade low, hampered by a shrinking Mississippi River and competition from ample global grain supplies.”
Ukrainian Grain Exports, Production in Focus- as Ukraine Pushes Back Front Line in Black Sea
Simon Constable indicated late last week at The Wall Street Journal Online that, “Russia’s invasion of Ukraine last year sent the price of key grains soaring as investors worried that supplies from the two countries—which before the recent war supplied roughly 30% of wheat exports—would be interrupted.”
Extreme Weather Battering China Grain Production
Bloomberg writer Hallie Gu reported yesterday that, “Cold snaps are hitting China’s northeastern region, disrupting harvesting of grains from corn to rice and bolstering prices.”
Global Food Prices Continue to Drop- At Slower Pace
Reuters writer Nigel Hunt reported on Friday that, “The United Nations food agency’s world price index fell in October to its lowest level in more than two years, driven by declines in sugar, cereals, vegetable oils and meat.”
Fertilizer: Prices and Other Variables
DTN writer Russ Quinn reported earlier this week that, “Average retail prices for all but one fertilizer were higher during the third week of October 2023 compared to last month, according to sellers surveyed by DTN.”
China Soybean Imports Could Set Record in 2023, While Black Sea Transit Concerns Arise
Reuters writers Mei Mei Chu and Naveen Thukral reported today that, “China’s soybean imports are likely to stay high through the fourth quarter, taking 2023 purchases to an all-time record, but lackluster demand from loss-making hog farms is seen reducing purchases in early 2024, traders and analysts said.”
Harvest Crop Insurance Prices Below Spring Guarantees, as White House Highlights Rural Investments
DTN writer Katie Micik Dehlinger reported yesterday that, “The average daily close of the December corn futures contract was $4.88 during October, while the November soybean contract was $12.84 per bushel.”
China Wheat Imports Could Set Record This Year
Reuters writers Naveen Thukral and Dominique Patton reported yesterday that, “China is set to import record volumes of wheat this year, trading sources say, with rain damage to its crop and worries over dry weather in exporting nations fuelling Beijing’s appetite to buy while prices are low.”
Australia- EU Fail to Reach Free Trade Deal Over Agriculture
Financial Times writers Nic Fildes and Andy Bounds reported today that, “Talks over a free trade agreement between Australia and the EU have foundered after the sides failed to reach a deal over the weekend, scuppering five years of negotiations.”
Four Vessels Move Grain and Metals Through Black Sea “Humanitarian Corridor” on Friday
Reuters writer Pavel Polityuk reported late last week that, “Four vessels left Ukrainian Black Sea ports in the Odesa region on Friday as shipping via a new export corridor resumed after a three-day pause, independent transport sector consultancy STC said.”
Black Sea Humanitarian Grain Corridor Working, Ukraine Says
Reuters writer Pavel Polityuk reported yesterday that, “Ukrainian Deputy Prime Minister Oleksandr Kubrakov denied on Thursday reports by Ukrainian and British firms that the new Black Sea export corridor had been suspended.”
Fertilizer Prices Higher, Anhydrous Climbs 6%- DTN
DTN writer Todd Neeley reported yesterday that, “Retail prices of all eight major fertilizers continued to climb in the third week of October, with anhydrous leading the way while farmers continued to hit the fields.”
Ukraine Suspends Black Sea Humanitarian Grain Corridor
Reuters writer Pavel Polityuk reported today that, “Ukraine has suspended the use of its new Black Sea grain corridor due to what it sees as a threat from Russian warplanes, the Kyiv-based Barva Invest consultancy said on Thursday.”
Iowa Farmland Values Steady, After Two Years of Record Highs- Des Moines Register
Donnelle Eller reported on the front page of Tuesday’s Des Moines Register that, “Following two years of record highs, Iowa farmland values have plateaued: Rising interest rates, declining profits and drought are cooling buyers’ enthusiasm, experts say.”
China Grain Companies Sign Agreement to Purchase U.S. Farm Goods
Bloomberg writers Michael Hirtzer and Tarso Veloso Ribeiro reported yesterday that, “Chinese grain companies participated in a formal contract-signing ceremony for the purchase of US farm goods for the first time since the Trump-era trade dispute.”
FAS: “U.S. Soybean Meal Exports Expected to Reach Record High”
In a Trade Spotlight report yesterday, the USDA’s Foreign Agricultural Service (FAS) indicated that, “U.S. soybean meal exports set a record at an estimated 13.2 million tons in MY 2022/23 (Oct-Sep), valued at nearly $7 billion, driven by increased soybean crush to supply feedstock oil for growing U.S. biomass-based diesel production.”
U.S. Soybeans Facing Increased Export Competition as Brazilian Soybeans to China Jump
Bloomberg writer Tarso Veloso Ribeiro reported last week that, “A sevenfold jump in Brazilian soybean shipments to China for next month highlights how the US is losing influence over one of the world’s most important agricultural markets.”